Our Short Sale Process
Ethical Foreclosure's Short Sale Process
It is important for our clients to know exactly how we will lead them through the short sale process. We understand that this is a very unsettling time in your life and this experience can leave you bewildered, confused, angry, upset, or any other number of emotions. Our goal is to layout a simple plan on how we will get you through this process.
You'll know where we are every step of the way from the below list and the slide show to the right.. You will also get calls from us at least every two weeks during this process and sometimes weekly. Just remember we are in for a long haul and this can take anywhere between two and four months to totally complete, that is if your current lender(s) understand it's better to take some money than spend more money to try to take property they don't want in the first place.
So you don't have to keep watching the slides, here are the steps:
- Initial Contact by you or by us through a referral
- Show and Discuss options to Foreclosure (You might have options)
- Sign necessary documents to start the Short Sale Process
- Evaluation of documents are done and the primary lien holder is contacted about the short sale
- Ethical Foreclosure is authorized to negotiate on your behalf for the short sale
- A Lock Box will be placed on the house, photographs will be taken as well as a preliminary walkthrough
- The house will be listed with an agent and placed on the MLS
- Potential buyers will be shown the house with and advance 2 hour notice to you
- Full Short Sale package is sent to the current lender(s)
- Lender(s) review package, a BPO (Brokers Price Opinion) is scheduled, a valuation is done on the house
- An offer is written on the house and submitted to the lender(s)
- The offer is approved by the current lender(s)
- You are notified of the approval. A date is set to vacate and to sign final docs at the Title Company
- New buyer produces proof of purchasing funding for house and it is verified
- Meeting at the Title Company to close escrow with you. New buyer also closes Escrow
Transaction on this Short Sale is now complete.
